Cryptocurrency surge attributed to agreement with Kraken exchange
In the rapidly evolving world of cryptocurrency, Circle, the issuer of USDC and EURC stablecoins, has made significant strides in its strategic vision. The company aims to unify and deepen liquidity throughout the USDC ecosystem, providing developers with more programmability and efficient capital movement.
This ambition has shown promising results, with Circle's USDC circulation surpassing $72 billion and quarterly volumes reaching $658.1 million, up 53% year-over-year. The expansion onto the Stellar network, one of the strategic moves driving the rally in Circle's USDC, has enabled seamless USDC transfers between Stellar and 15 other blockchains, including Ethereum and Solana.
The partnership between Circle and Kraken, a major crypto exchange, is another key factor in Circle's growth. This alliance aims to establish stablecoins as fundamental infrastructure for an internet-based financial system. Kraken has integrated USDC and, for the first time, EURC, offering reduced swap fees and new stablecoin-based financial products to its users.
The integration of EURC on Kraken is a notable development, as it marks the first time EURC is being integrated on a major crypto exchange. This move could potentially make Circle the dominant player in the stablecoin market.
The strategic partnership between Circle and Kraken could further accelerate Circle's growth momentum, as long as regulatory hurdles remain manageable. The positive market response to these strategic moves was bolstered by a broader rally in crypto stocks, following the Federal Reserve's interest rate cut.
However, it is worth noting that the author of the current analysis of Circle from September 18, recommending whether shareholders should buy or sell, is not explicitly identified in the available search results. Therefore, any decisions regarding buying or selling Circle shares should be made with caution and after thorough research.
In addition, the text does not provide any new information about the Cross-Chain Transfer Protocol (CCTP) V2 on the Stellar network, Kraken, or any specific facts about Circle as a stock.
Despite these gaps, it is clear that Circle's strategic moves and partnership with Kraken are driving growth in the stablecoin market and potentially positioning Circle as a dominant player. The positive market response to these moves suggests a promising future for Circle and the stablecoin market as a whole.
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